Based on Larry Brown's 1991 novel with the same name, Joe follows an ex-con who becomes a role model to 15-year-old Gary Jones, who comes from a homeless family in Mississippi.
The Southern drama will be directed by David Gordon Green and adapted by Gary Hawkins, according to The Hollywood Reporter.
Gordon Green said: "When Larry Brown wrote the novel Joe, he instantly created an iconic character of contemporary Southern literature.
"It is with great excitement that I've been able to work with Nicolas Cage to design an absolute and unexpected performance piece that is woven from the darkness, beauty, humour and environment of this material."
Cage can be seen next in Stolen, to be released in limited theaters on September 14 in the US.
Watch the trailer for Stolen below: